What is a money transfer credit card?

Find the best credit card deal for you

Money transfer credit cards pay cash straight into your current account. And some even charge 0% interest on that cash for an agreed period – although there’s usually a fee to pay. So if you are after a low-cost loan to make a major purchase, or pay off existing debts, these cards are an option worth considering.

Your personalised chance of approval

Chance of approval{{sliderProduct.productScoring.productLikelihood}}/10

Chance of approvalNot rated

Chance of approvalNot eligible

Being pre-approved means you’re an ideal customer for this lender and you’re guaranteed to get this card, provided you use the same details as you gave us, and you pass the lender’s ID checks.

We can’t give you a rating for this card either because we can’t match your details to your credit report, or we don’t have enough information about the lender’s acceptance criteria for this card.

You won’t get this card. This is usually because you don’t meet the lender’s acceptance criteria – for example, your income may not be high enough, you have credit problems, or you already have one of this lender’s cards.

This means there’s a good chance you’ll be accepted for this card. For every 100 applications from people in a similar financial situation to you, between 70 and 95 of them will get the card.

This score means it’s around fifty-fifty whether you’ll be accepted for the card or not. It’s worth a go if this is your highest score, and you need the credit for a specific purpose.

It’s unlikely you’ll get this card. For every 100 people in a similar financial situation to you who apply, only between 10 and 30 get accepted for the card. There’s still a chance, but rejection’s more likely than acceptance.

Why is this important?

Every time you apply for a credit card, a mark is left on your credit score. That means it's better to get it right the first time. Your scores help you understand which cards you have the strongest chance of getting. The higher the score, the stronger chance you have of getting the card. If you see a very low score, you're probably better off choosing a different card.

Chance of approval scale

10/10 = Pre-approved

Chance of approval10/10 GUARANTEED

10/10 GUARANTEED

10/10 = Pre-approved

Being pre-approved means you’re an ideal customer for this lender and you’re guaranteed to get this card, provided you use the same details as you gave us, and you pass the lender’s ID checks.

9.5/10 - 7/10 = Good chance

Chance of approval9.5/10

9.5/10

Chance of approval9/10

9/10

Chance of approval8/10

8/10

Chance of approval7/10

7/10

9.5/10 - 7/10 = Good chance

This means there’s a good chance you’ll be accepted for this card. For every 100 applications from people in a similar financial situation to you, between 70 and 95 of them will get the card.

6/10 - 4/10 = Fair chance

Chance of approval6/10

6/10

Chance of approval5/10

5/10

Chance of approval4/10

4/10

6/10 - 4/10 = Fair chance

This score means it’s around fifty-fifty whether you’ll be accepted for the card or not. It’s worth a go if this is your highest score, and you need the credit for a specific purpose.

3/10 - 1/10 = Low chance

Chance of approval3/10

3/10

Chance of approval2/10

2/10

Chance of approval1/10

1/10

3/10 - 1/10 = Low chance

It’s unlikely you’ll get this card. For every 100 people in a similar financial situation to you who apply, only between 10 and 30 get accepted for the card. There’s still a chance, but rejection’s more likely than acceptance.

Not eligible = Consider a different card

Chance of approvalNot eligible

Not eligible

Not eligible = Consider a different card

You won’t get this card. This is usually because you don’t meet the lender’s acceptance criteria – for example, your income may not be high enough, you have credit problems, or you already have one of this lender’s cards.

Not rated = We don’t have enough infoinformation

Chance of approvalNot rated

Not rated

Not rated = We don’t have enough infoinformation

We can’t give you a rating for this card either because we can’t match your details to your credit report, or we don’t have enough information about the lender’s acceptance criteria for this card.

EXPLORE MORE CREDIT CARDS

What is a money transfer credit card?

A money transfer credit card is a type of credit card that allows you to transfer money from your credit card account to your bank account. They can be a useful alternative to taking out a loan, however providers often charge a fee for these credit cards.

How do money transfer credit cards work?

Money transfer credit cards, like balance transfer cards, let you essentially repurpose your credit limit. However rather than transferring an outstanding balance from one credit account to another, you transfer money on your credit card to a bank account.

This means you’ll have an outstanding balance on your card. Many money transfer credit cards generally have low or 0% interest rates for a given period – however most charge a set fee for making a money transfer instead.

The fee is usually given as a percentage of the amount you transfer, and it will be added to the outstanding balance on your credit card.

The amount you’ll be able to transfer will depend on your own personal finances – you’ll generally only be allowed to transfer a minimum and maximum percentage of your overall credit limit.

Your credit limit is decided by your lender after they examine your credit file, so they can make a decision about how much credit they trust you to borrow.

What should I use a money transfer credit card for?

You can use a money transfer credit card to:

Pay off an outstanding overdraft on your current account

Pay back a loan without having to pay interest

Make purchases at 0% interest, like a normal credit card

Keep in mind that while many money transfer credit cards will also offer low or 0% interest rate for purchase, this may not apply for the same length of time as money or balance transfers.

While transferring money from your credit card to your current account may appear to be similar to withdrawing cash from your credit card using an ATM, it isn’t quite the same. Money transfer credit cards are still likely to have fees and charges in place if you use your card at a cash machine.

Do money transfer credit cards affect my credit rating?

Like all credit products, using a money transfer credit card is likely to have an impact on your credit rating:

If you use them responsibly and make your repayments on time, you can capitalise on the interest free period and build your credit rating up at the same time

If you miss or don’t make your minimum repayments it will almost certainly have a negative impact on your score, and you could also possibly lose your 0% interest rate

Things to consider before applying for a money transfer credit card

If you’re thinking about taking out a money transfer credit card, here’s a rundown of thing to consider before you apply:

Introductory rates: the low or 0% interest rates found on many money transfer credit cards are short-term. When the introductory rate ends you’re likely to be put on the lender’s standard variable rate – which can be much higher. The length of time your low or 0% interest rate lasts will also be different for money transfers and purchases

Fees: money transfer credit cards, like most credit cards, also carry fees and charges depending on how you use them. There is a set fee for making money transfers, usually a percentage of the amount you’re transferring. There may also be charges for cash withdrawals, using the card abroad, late repayments, and exceeding your credit limit

Withdrawn benefits: If you go over your credit limit or are late in repaying your balance you may find that your provider withdraws your low or 0% interest rate

Activation: in order to access the low or 0% interest rate for money transfers, you might have to use the card within a certain time period – sometimes within 60 days of receiving the card

Compare credit cards with MoneySuperMarket

If you’re looking for a credit card, comparing deals on MoneySuperMarket is an easier way to find a card that’s right for you. All you need to do is tell us a little about yourself, your financial status, and what you’d like to use your new credit card for, and we’ll show you a list of cards tailored to your needs.

You’ll be able to sort them by their interest rates, any included incentives, and the likelihood of you being approved if you applied for the card. Thanks to MoneySuperMarket’s eligibility checker, you can reduce the risk of having your application for credit refused, keeping your credit report healthier.

Once you’ve found the card you want, just click through to the provider to finalise your application. If it’s accepted, your provider will send you the card through the post as well as letting you know your credit limit and interest rate – remember the advertised rate may not be the one you get, as it only has to be offered to 51% of successful applicants.

Once you have your card, you just need to activate it and it will be ready to use.